Paramount Global (NASDAQ:PARA), Sony (NYSE:SONY), Apollo Global Management (NYSE:APO) – Sony Pictures Entertainment and Apollo Global Management are in discussions for a joint bid for Paramount Global, aiming to take the company private. The bid would include cash for all outstanding shares. Sony would operate the studio, while Apollo would take control of the CBS broadcast network. Paramount’s shares rose 10.3% in pre-market trading on Friday.
Berkshire Hathaway (NYSE:BRK.A) – On Thursday, the shareholder advisory firm Institutional Shareholder Services (ISS) recommended withholding votes for reelecting five directors of Berkshire Hathaway, including Susan Decker, citing concerns about climate change and governance. ISS criticized the company for lack of disclosure on climate risks and executive remuneration.
Trump Media & Technology Group (NASDAQ:DJT) – Shares of Trump Media & Technology Group experienced a 26% jump in shares on Thursday, following a 16% gain the previous day, reversing losses from the week.
Frontier Communications (NASDAQ:FYBR) – Frontier Communications reported a cyberattack on Thursday, exposing personal information, without expecting a significant financial impact. The investigation suggests a cybercrime group as the perpetrator. The company believes the incident has been contained and is restoring its normal operations. Shares fell more than 3.6% in pre-market trading.
Apple (NASDAQ:AAPL) – Apple removed WhatsApp and Threads from Meta Platforms (NASDAQ:META) from its Chinese App Store by government order, citing national security concerns. Telegram and Signal were also removed. This move highlights the growing intolerance of the Chinese government towards foreign messaging services outside of its control. Tim Cook, CEO of Apple, ends his trip through Southeast Asia with a meeting in Singapore, seeking new markets and manufacturing sites. The company is exploring the region for growth, given challenges in China.
Microsoft (NASDAQ:MSFT) – Microsoft invested $13 billion in OpenAI, subject to a possible EU antitrust investigation. The EU is considering whether the partnership distorts competition or if Microsoft’s market power affects the market. The European Commission is evaluating evidence to determine whether to open an investigation. Microsoft claims it does not own parts of OpenAI.
Meta Platforms (NASDAQ:META) – On Thursday, Meta launched Llama 3, its latest language model, and an image generator that updates images in real time. Integrated into Meta AI, the models aim to compete with OpenAI. Meta AI will be more prominent in Meta apps and a new website, aiming to lead the market.
Alphabet (NASDAQ:GOOGL) – Google fired 28 employees following protests against its cloud contract with the Israeli government. The company stated that the protesters disrupted work in some offices. The protesters, affiliated with the No Tech for Apartheid campaign, called the dismissal “retaliation”. Google maintains that the contract is non-military. Additionally, Sundar Pichai, CEO of Alphabet, announced a restructuring of Google’s work teams to accelerate the development of artificial intelligence products. AI teams will be consolidated under Google DeepMind, aiming for more efficiency. Pichai also mentioned a new team focused on security and trust.
Taiwan Semiconductor Manufacturing Company (NYSE:TSM) – TSMC’s shares in Taipei fell 6.7% after the company lowered its growth expectations, maintaining its capital spending plans. The forecast is for up to a 30% increase in the second quarter, driven by demand for artificial intelligence chips. The company faces challenges, including resource and leadership issues. Foreign investors withdrew $2.6 billion from Taiwanese stocks due to the downgrade. This is the largest foreign sell-off in over three years.
Intel (NASDAQ:INTC) – Intel announced on Thursday that it has become the first to use the new “High NA EUV” lithography tools from ASML (NASDAQ:ASML), marking a crucial advancement in the chip technology race. Intel acquired one of the $373 million (€350 million) machines, hoping to boost future generations of chips.
KB Home (NYSE:KBH) – KB Home announced a new share repurchase authorization worth $1 billion. This measure replaces a previous authorization, which still had $113.6 million available. Additionally, KB Home raised its dividend from 20 to 25 cents per share, scheduled for payment on May 23. The builder’s shares advanced 2.6% in pre-market trading on Friday.
Johnson & Johnson (NYSE:JNJ) – A Florida jury concluded that Johnson & Johnson’s baby powder did not cause ovarian cancer in a Florida woman who died in 2019. The company was justified, citing decades of research. The Matthey family respects the decision but continues to seek justice. The controversy over talc continues, with J&J facing over 50,000 lawsuits. The company’s bankruptcy strategy briefly suspended litigation, but trials have resumed.
Sanofi (NASDAQ:SNY) – On Thursday, the French pharmaceutical company Sanofi revealed plans to restructure its U.S. commercial operations for vaccines, accompanied by unspecified job cuts. The company seeks to implement a “streamlined strategic sales structure” to better serve customers and patients, without providing additional details.
JPMorgan Chase (NYSE:JPM) – JPMorgan filed a lawsuit against the Russian state bank VTB to prevent the recovery of $439.5 million blocked after Russian sanctions due to the invasion of Ukraine. The dispute raises tensions over the jurisdiction of sanctions laws. Additionally, two senior executives from JPMorgan Chase, Andy Lipsky and Haidee Lee, are leaving the bank, according to Reuters. Lipsky, vice president of investment banking, is returning to Goldman Sachs (NYSE:GS). The bank has faced a series of significant departures recently.
Goldman Sachs (NYSE:GS) – The sovereign wealth fund of Norway, one of the world’s largest investors, will support a resolution urging Goldman Sachs to separate the roles of CEO and chairman of the board. Consultants recommended this separation. Norges Bank Investment Management, which owns 0.84% of the bank, supports the measure to ensure independent leadership.
PayPal (NASDAQ:PYPL) – The Singapore-based payments company Triple-A will expand its list of accepted tokens to include PayPal’s stablecoin (COIN:PYUSDUSD) by June. This move aims to challenge the dominance of Tether’s USDT and expand its service offerings, boosting the cryptocurrency market in Singapore.
Ibotta (NYSE:IBTA) – On its New York Stock Exchange debut, Ibotta’s shares soared 33%, valuing the company at $3.55 billion. The IPO, selling 6.6 million shares at $88 each, raised $577.3 million. CEO Bryan Leach plans to invest in AI-enabled technology.
Nike (NYSE:NKE) – Nike is close to sealing an eight-figure sponsorship deal with basketball star Caitlin Clark before her professional debut. The deal will include an exclusive line of footwear. She will join Nike’s roster of young talents, such as LeBron James and Kevin Durant.
Shopify (NYSE:SHOP) – Shopify’s shares increased 3.25% in pre-market, reaching $71.77, after Morgan Stanley upgraded its rating from Equal Weight to Overweight and raised the price target from $74 to $85.
Constellation Brands (NYSE:STZ), Canopy Growth (NASDAQ:CGC) – Constellation Brands is distancing itself from cannabis producer Canopy Growth, converting ordinary shares into exchangeable ones. Three board members of Canopy, backed by Constellation, resigned. The move aims to eliminate financial impacts and reflects the strategy of no longer investing in Canopy.
Nordstrom (NYSE:JWN) – Nordstrom, following interest from the founding family, formed a special committee to consider a possible privatization. With weak sales due to inflation and high loan costs, the company will also evaluate third-party proposals. Shares have risen 34% over 6 months, but any offer needs to be significantly high to be accepted.
Tesla (NASDAQ:TSLA) – T. Rowe Price, highlighting Elon Musk’s record 2018 salary from Tesla, considered it aligned with investor interests. This occurred after a special vote was scheduled by Tesla to reassess the package. T. Rowe holds 22.4 million shares of Tesla.
Toyota Motor (NYSE:TM) – The latest version of the Toyota Camry features what made it a best-seller in the U.S., but with a significant change: it now offers a four-cylinder hybrid engine, ditching the V-6. It is expected to maintain the robust sedan’s success, with 51 mpg efficiency.
Airlines – U.S. airlines saw a resurgence in corporate travel, boosting profits. Delta (NYSE:DAL), United (NASDAQ:UAL), and Alaska Air (NYSE:ALK) reported strong recovery in business flights, previously down due to the pandemic. Alaska Air noted a significant increase in corporate revenues, especially from technology companies.
Azul SA (NYSE:AZUL), Gol Linhas Aéreas Inteligentes SA (NYSE:GOL) – Azul is in discussions for a merger with Gol, considering a deal where Gol’s controlling shareholder, Abra Group Ltd., would contribute its shares in exchange for a stake in Azul. The goal is to address Gol’s challenges, which entered bankruptcy protection, while Avianca Holdings SA remains in focus as part of the Abra group. Regulators would need to approve the transaction, which would reduce the number of major local carriers from three to two in Brazil.
Northrop Grumman (NYSE:NOC) – Northrop Grumman is collaborating with SpaceX on a spy satellite project for high-resolution Earth imaging. Northrop’s inclusion reflects the government’s concern in diversifying contractors. The project, involving hundreds of satellites, aims to enhance military and intelligence surveillance capabilities in the U.S.
Virgin Galactic (NYSE:SPCE) – Virgin Galactic is considering a stock consolidation to maintain compliance with New York Stock Exchange standards. The proposal, subject to shareholder approval in June, aims to prevent delisting from the stock exchange. The company has recently faced technical challenges and a drop in shares. Shares fell 2.8% in pre-market trading on Friday.
Bentley Systems (NASDAQ:BSY), Schneider Electric (EU:SU) – Bentley Systems’ shares increased 1.8% in pre-market following confirmation by the French industrial company Schneider Electric that it was in discussions about a potential strategic transaction, involving the possible acquisition of Bentley. The value could be over $15 billion, according to the Wall Street Journal.
Jabil Inc (NYSE:JBL) – Jabil Inc.’s shares fell 2.7% in pre-market after the announcement that its CEO is on paid leave during an investigation into company policies. The investigation does not affect its financial statements. CFO Michael Dastoor will serve as interim CEO.
3M (NYSE:MMM) – 3M faces the possibility of reducing its dividends after years of falling shares, according to CFRA, with ongoing litigation related to chemicals and defective earplugs. The spin-off of the health unit and settlements affect the sustainability of dividends. Shares have fallen 47% since May 2021.
US Steel (NYSE:X) – The national security review of the acquisition of US Steel by Nippon Steel will continue by the Committee on Foreign Investment in the United States (CFIUS), a White House official said on Thursday. President Biden expressed opposition to the deal, but the course of additional measures remains uncertain.
Exelon Corporation (NASDAQ:EXC) – Exelon forecasts a 900% increase in energy demand from data centers in the Chicago area, driven by artificial intelligence. About 25 projects consume 5 gigawatts, attracting developers with low electricity rates, nuclear power, and tax incentives. The electrical infrastructure is being adapted to handle the growth.
Earnings
Netflix (NASDAQ:NFLX) – In the first quarter, Netflix had earnings per share of $5.28 and revenue of $9.37 billion, exceeding analysts’ expectations surveyed by LSEG of EPS of $4.52 and revenue of $9.28 billion. The total subscribers reached 269.6 million, growing 16%. Netflix announced that it will no longer disclose member numbers or average revenue per user from 2025, prioritizing profit and engagement. Shares are down 6.25% in pre-market.
Intuitive Surgical (NASDAQ:ISRG) – Intuitive Surgical reported adjusted earnings per share of $1.50 for the previous quarter, surpassing the $1.41 estimate from LSEG. Its revenue of $1.89 billion also slightly exceeded expectations. The company’s shares increased 2.2% in pre-market.
PPG Industries (NYSE:PPG) – PPG’s shares fell 0.6% in pre-market, even as the adjusted earnings per share of $1.86 matched expectations from LSEG. However, PPG’s revenue of $4.31 billion fell below the $4.43 billion estimate.
Western Alliance (NYSE:WAL) – Western Alliance reported quarterly earnings of $1.60 per share, below the consensus estimate of $1.66 and 30.43% lower than the same period last year. Its quarterly sales of $728.8 million exceeded expectations by 4.56%, a 32.05% increase from the previous year. Shares fell 1.4% in pre-market.